Summary
In Miller Paine v. Commissioner, 42 B.T.A. 586, it was held that where creditors exchanged notes which they held against a corporation, for stock in a reorganized corporation, there was an exchange of property for stock within the meaning of 112(b)(5). "In the instant case there can be no question but that the creditors of the New Jersey corporation, including petitioner, transferred their notes against that corporation to the New York corporation and received in exchanged therefor solely stock in the New York corporation.
Summary of this case from Seiberling Rubber Co. v. CommissionerOpinion
No. 11959.
December 14, 1942.
On Petition to Review Decision of United States Board of Tax Appeals.
Louis A. Spiess, of Washington, D.C., for petitioner.
Samuel O. Clark, Jr., Asst. Atty. Gen., and J.P. Wenchel, Chief Counsel, Bureau of Internal Revenue, of Washington, D.C., for respondent.
Petition to Review decision of Board of Tax Appeals dismissed, on motion of petitioner and consent of respondent, without taxation of costs in favor of either of the parties in this Court.